January 2021
- Two of the costliest hurricanes to hit the U.S., based on insured property losses, caused damage in Maryland: Hurricane Michael in 2018 and Hurricane Sandy in 2012. (See chart below.)
- Maryland was one of over a dozen states impacted by Hurricane Sandy in October 2012. Sandy caused $30 billion in U.S. property losses when it occurred, including flood insurance claims covered by the federal flood insurance program, according to Aon. This makes Sandy the second most costly U.S. hurricane, after hurricane Katrina.
- There were 67,102 flood insurance policies in Maryland in 2018. Standard homeowners policies typically do not cover flood damage. Flood insurance is covered by the National Flood Insurance Program and an increasing number of private insurers.
- Between 16,473 and 126,684 single-family homes are at risk of damage from storm surge in Maryland, according to CoreLogic. In terms of reconstruction costs, storm surge damage would range from $4.0 billion to $29.8 billion. The ranges reflect the intensity of hurricanes, with the lower range corresponding to a weak hurricane and the highest range reflecting damage from a Category 1 to a Category 4 hurricane.
Other Resources
I.I.I. Facts & Stats: Flood Insurance
